The BBC have quoted a basic salary of £20.9million-a-year, but that includes various bonuses which depending on the number of race victories and potential future Formula One championships could take his earnings to in-excess of £27million.

The deal would see Hamilton on parity with former two-time Formula One World Champion Fernando Alonso at McLaren Honda and former four-time F1 title holder Sebastian Vettel at Ferrari.

Alonso is reportedly earning £27million-a-year at McLaren, whilst Vettel will earn £33.7million during his first season at Ferrari [his basic wage drops after the first season to £20.4million with potential bonuses boosting his earnings to around the £33.7million mark].